April 24th, 2014: SP-500 EOD Update
Posted by pugsma on April 24, 2014
4:15 pm EST: No change in the wave count with today price action.
The primary count is that minuette wave v of minute (a) of minor 5 of major [5]-P3-C1 is underway headed for 1897 to 1900. Wave minute (b) of minor 5 should then retrace 38%/50% to 1858/1850 before wave (c) reaches the 1943 area, where (c)=(a). There is a confluence of targets in this area at 1941, where P3=1.23*P1 and at 1953, where major [5]=0.62*[1]. The absolute maximum of this major [5] ending diagonal is at 1814 + (1897-1738) =1973.
The alternate (blue) count variant to the primary wave count is that minute (c) of minor 5 of major [5]-P3-C1 is underway and headed to a (c)=0.62*(a) target of 1914. This would also agree with the major [5] = 0.5*[1] target of 1912.
In either scenario this 2.5 year old P3-C1 wave should be coming to an end either in late April (alt blue) or mid-to-late May (primary) and the P4-C1 wave correction should be underway soon.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
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